The NCUA on Friday liquidated the $9.25 million Ochsner Clinic FCU of New Orleans, La., saying in a release it had determined the credit union was insolvent and had no prospect for restoring viable operations.

Yet, according to its first quarter financial performance reports, Ochsner was well capitalized and turning a profit.

As of March 31, the 3,099-member credit union, which served primarily health care select employee groups, reported 7.49% net worth and had been maintaining that capital level for the past two years.

Since March 2006, OCFCU had often dipped below 7% net worth, but never fell below 6% and returned to 7% within a few quarters.

Loan quality was a problem, but seemingly not an insurmountable one: as of March 31, OCFCU reported 2.89% of total loans delinquent, but reported a negative -0.97% charge offs.

Loan quality ratios – which combine both delinquencies and charge offs – averaged around 4% and had been at that level since before the financial crisis, although the numbers had improved in the first quarter to approximately 2%.

Provision for loan and lease losses was 0.66% of average assets as of March 31, a figure that had decreased as reported loan quality numbers improved.

Accordingly, the credit union was reporting a profit. As of March 31, OCFCU reported 0.89% return on average assets, a number far better than the peer average of negative -0.13 ROAA. Yields on average loans were 9.08% during the first quarter, and fee income was 1.71% of average assets, both numbers that are much higher than peer averages. However, investment income was exceeding low, just 0.07% during the first quarter. Long-term assets to total assets was just 1.01%.

The credit union’s salary and benefits figures indicate it had just one employee, Manager Jacqueline Ray.